Fueled by rapid emerging technologies, global interconnectedness, changing economic and jurisdictional factors, competition and consumer demand, firms are innovating—embracing new business models and adopting automation to support their operations and regulatory obligations.
The Financial Services Regulation (FSR) Act was signed into law in August 2017, and fundamentally changes the regulatory architecture of the financial services landscape in South Africa. The FSR Act gives effect to the Twin Peaks model of regulation, effectively establishing the Prudential Authority with a mandate to maintain and enhance financial stability and the Financial Services Conduct Authority, responsible for supervising the conduct of financial institutions.
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